Energy
Greenland Resources Receives Final Approval for a $7 Million Non-Repayable Contribution From the Government of Canada
TORONTO, June 29, 2026--Greenland Resources Inc. (TSX:MOLY | FSE: M0LY) ("Greenland Resources" or the "Company") is pleased to announce that, as a follow up to its press release dated March 2, 2026 on a conditional approval, the Government of Canada concluded its final due diligence and has signed an agreement for a non-repayable contribution of $7,000,000 through Natural Resources Canada's Critical Minerals Research, Development and Demonstration (CMRDD) program. Canada is now the first G7 gove
About this update from Greenland Resources Inc.
TORONTO, June 29, 2026--(BUSINESS WIRE)--Greenland Resources Inc. (TSX:MOLY | FSE: M0LY) ("Greenland Resources" or the "Company") is pleased to announce that, as a follow up to its press release dated March 2, 2026 on a conditional approval, the Government of Canada concluded its final due diligence and has signed an agreement for a non-repayable contribution of $7,000,000 through Natural Resources Canada's Critical Minerals Research, Development and Demonstration (CMRDD) program. Canada is now the first G7 government to invest in mining in Greenland. The metallurgical program will evaluate, using Canadian expertise, the feasibility of processing primary molybdenum using saline and fresh water for flotation, as well as assess the potential recovery of magnesium and rare earth element as by-products contained within the Malmbjerg ore body and saline water. The program will run until March 2028 with progress updates to be provided in due course. The Company expresses gratitude to the Government of Canada, Minister Tim Hodgson, and his team for their leadership and support. Qualified Person Statement The news release has been reviewed and approved by Mr. Jim Steel, P.Geo., M.B.A. a director of the Company and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects". About Greenland Resources Inc. Greenland Resources is a Canadian and Greenlandic public company listed in the Toronto Stock Exchange with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned Climax type primary molybdenum deposit located in central east Greenland. The Project has also magnesium as a byproduct, a market dominated 89% by China. The Malmbjerg project is an open pit operation with an environmentally friendly mine design focused on reduced water usage, low aquatic disturbance and low footprint due to modularized infrastructure. The Malmbjerg project benefits from an NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with an US$820 million capex and a levered after-tax IRR of 33.8% and payback of 2.4 years, using US$18 per pound molybdenum price. The Proven and Probable Reserves are 245 million tonnes at 0.176% MoS2, for 571 million pounds of contained molybdenum metal. As the high-grade molybdenum is mined for the first h...
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